Financial Insights

June,2016

www.indcap.in

Contents

Mergers & Acquisitions 3

Private Equity 4

M&A Deals – June 2016 5

PE Deals – June 2016 6

Indcap Opportunities 7-8

CII Conference on Healthcare 9

Indcap Performance 10

Markets/ Commodities 10

June, 2016

June, 2016

M&A INSIGHT

Twitter Inc. has acquired a machine-learning startup Magic Pony Technology Ltd. based in London, for INR 10,050 Mn

Japan’s Dai-ichi Life Insurance Company Ltd. has acquired an additional 18% stake in its Indian insurance joint venture, Star Union Dai-ichi Life Insurance Company Ltd. for INR 5,400 Mn

Software services firm Tech Mahindra Ltd. has acquired the UK-based digital services provider BIO Agency Ltd for INR 4,470 Mn including debt

CLP India (P) Ltd has acquired a 49% equity stake in SE Solar, a solar power project of wind turbine maker Suzlon Energy Ltd, for INR 735 Mn

Agrochemical major UPL Ltd. has acquired a 26% equity stake in Weather Risk Management Service for INR 100 Mn in cash

Chennai-based IT company Saksoft Ltd. has increased its stake in Noida-headquartered software testing services firm 360Logica to 76% from 51% for INR 80 Mn in cash.

*An extensive list of M&A and PE deals announced in June 2016 is provided in the subsequent pages

June, 2016

PE INSIGHT

Digital lending platform for SMEs Lendingkart has raised INR 2,144 Mn in Series B round led by Bertelsmann India Investments, with participation from Darrin Capital Management and existing investors – Mayfield India, Saama Capital, and India Quotient.

Brand Capital, an investment arm of Bennett, Coleman and Co (BCCL) has invested INR 1,675 Mn on Taxi service Meru Cabs.

Pune- and San Francisco-based customer support software provider Helpshift Inc. has raised INR 1,541 Mn in a Series B funding round led by Microsoft Ventures and Salesforce Ventures.

Voonik Technologies (P) Ltd., operator of an eponymous fashion marketplace has raised INR 1,340 Mn in a Series B round of funding led by venture capital firm Sequoia Capital.

Malaysian telecom operator Axiata Group Berhad has invested INR 1,072 Mn in Bangalore-based StoreKing, an e-commerce startup that helps retailers to sell products in small towns, through wholly owned unit Axiata Digital.

Rabobank-promoted private equity fund 'India Agri Business Fund II' has invested around INR 1,000 Mn in agrochemical firm Parijat Industries to acquire a minority stake.

*An extensive list of M&A and PE deals announced in June 2016 is provided in the subsequent pages

June, 2016

Target Buyer Industry Deal Value

Stake (%) INR in Mn

Magic Pony Technology Ltd. Twitter Inc. IT/ITES/Technology 10,050 N.A

Star Union Dai-ichi Life Insurance Company Ltd.

Dai-ichi Life Insurance Company Ltd.

Insurance 5,400 18

BIO Agency Ltd. Tech Mahindra Ltd. IT/ITES/Technology 4,470 N.A

SE Solar CLP India (P) Ltd. Renewable Energy 735 49

Weather Risk Management Services

UPL Ltd. Agriculture 100 26

360Logica Saksoft Ltd. IT/ITES/Technology 80 25

Prime Meiden Ltd. Meidensha Corporation Capital Goods N.A 77

Padhopadhao.com Rise India IT/ITES/Technology N.A 60

Adetel Group Centum Electronics Ltd. Electronics N.A 51

Sports Asia Pte. Ltd. HT Media Ltd. Media &

Entertainment N.A 50.5

Pristine Developers Dilip Shanghvi Real Estate N.A 50

Sistema Shyam TeleServices Sistema JSFC Telecom N.A 17.1

India Drivers Network Services (P) Ltd.

Yatra Online (P) Ltd. IT/ITES/Technology N.A N.A

Zohra, Styl & Picksilk Voonik Technologies (P) Ltd. IT/ITES/Technology N.A N.A

Glochem Industries Ltd Torrent Pharma Pharmaceuticals N.A N.A

BookMyInterest Giftxoxo (Nreach Online Services (P) Ltd.)

IT/ITES/Technology

N.A N.A

*INR to USD conversion rate considered at USD 1 = INR 67

M&A Deals- June 2016

June, 2016

Company Industry Investor Amount

INR in Mn

Lendingkart IT/ITES/Technology Bertelsmann India Investments, Darrin Capital Management, Mayfield India, Saama Capital, India Quotient

2,144

Meru Cabs IT/ITES/Technology Brand Capital 1,675

HelpShift IT/ITES/Technology Microsoft Ventures, Salesforce Ventures

1,541

Voonik IT/ITES/Technology Sequoia Capital 1,340

StoreKing IT/ITES/Technology Axiata Digital 1,072

Parijat Industries Agro-Chemicals India Agri Business Fund II 1,000

Cleartax IT/ITES/Technology Ravi Adusumalli, SAIF Partners 804

FabHotels IT/ITES/Technology Accel Partners, RB Investments 536

Xchange Leasing India (P) Ltd.

Auto Uber International Services BV 430

Jivox IT/ITES/Technology You & Mr Jones, Fortisure Ventures, Diaz Nesamoney

402

PrettySecrets IT/ITES/Technology RB Investments PTE Ltd, Orios Venture Partners

402

Schedulers Logistics Logistics GVFL 402

GreytHR IT/ITES/Technology New Enterprise Associates (NEA), Blume Ventures

348

CureJoy IT/ITES/Technology Accel Partners India 295

*INR to USD conversion rate considered at USD 1 = INR 67

PE Deals- June 2016

June, 2016

Sector Location Company Brief Acquisition Criteria

Healthcare Mumbai The group has an extensive experience in the field of healthcare and pharmaceuticals.

The company is looking to expand into Pharma, Healthcare, Consumer, Renewable, BFSI

More particularly interested in NBFC

Renewable Energy

Gujarat The Company is a diversified player based out of Gujarat

Looking to acquire wind and solar assets in Gujarat and Rajasthan

Hydro assets in Himachal Pradesh

Auto Component

Mumbai one of the country's largest bearings manufacturer and is a part of US$ 2 Bn conglomerate.

Looking to acquire company engaged in manufacturing of bearing used in automotive and railway industries, and for general industrial applications.

Indcap Buy Side Opportunities

Sector Location Company Brief Acquisition Criteria

Steel Odisha The company is engaged in the manufacture of sponge iron

A 2x100 TPD Sponge Iron Plant set in an area of approx. 25 acres

Well connected with major modes of transport Availability of railway siding at distance of 4 kms

Infrastructure Madhya Pradesh

The Company operates in commodities and Infrastructure domain

Signed Concession Agreement with Madhya Pradesh Road Development Corporation (“MPRDC”). for executing Road projects on DBFOT, (Design – Build – Finance – Operate – Transfer) basis

Length : 40.50 km Status : Operational Revenue Model: Both Toll and Annuity. Semi-

annually Annuity is Rs. 5.46 crores

Edible Oil West Bengal The company is into manufacturing of edible oil

An edible oil and Vanaspati manufacturing plant spread over an area of 12 acres

The unit has the following facilities • Vegetable oil refinery • Vanaspati Plant • Rice Bran Oil Plant • Fractionation plant for manufacturing of

palmolien oil

Indcap Sell Side Opportunities

June, 2016

Sector Location Company Brief Acquisition Criteria

FMCG India The company is engaged in the manufacturing of FMCG products and is exploring to diversify into new businesses.

In FMCG • Sector includes Personal care products (natural

and Ayurvedic), Baby Care Products, Vitamins, Minerals & Dietary Supplements (VMS)- Natural & Herbal, Consumer Durables, Food Sector

• Revenue Size – INR 250 Mn to INR 1000 Mn. • EBIDTA – Should be positive • Scalable Business • Should have regional or Pan India presence

In Healthcare • Clinical Diagnostics centers, Fertility centre etc.

In Cement • Cement Grinding unit of about 1.0 mn tonne

capacity • Sufficient land preferably with railway siding • Location: W.B, Jharkhand, Odisha & Bihar • Captive Limestone mine would be preferred

Renewable Energy • Solar Power plant with crystalline technology • PPA scheme should be under central Govt.

Scheme like JNNSM-Batch Any new disruptive technology oriented

business

Electric Distribution

Bangalore Provide its customers a One stop sourcing option for all their requirements right from active components, RF / Microwave components, Passive components, Displays, Connectors and PCB etc

Looking at Electronics distribution Companies that are having B2B sales of products of high margins

Company engaged in the related space and can provide synergy to its existing business

Company engaged in manufacturing of product which are currently being marketed by them

Target Investment Size: USD 50-100 mn

Architectural Hardware Fittings

New Delhi The Company is one of India’s most popular Architectural Hardware Solution provider through a wide range of standard & customized products

The company is looking for acquisition in the following space:

• Door manufacturers- Fire door, clean room used in pharmaceutical and hospital

• Kitchen manufacturer - Prefer into retail but can also look in commercial

• Electronic home security- example door phone Looking at companies with revenue INR 500-

1000 Mn

Indcap Buy Side Opportunities

June, 2016

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CII CONFERENCE ON HEALTHCARE

Our Director Mr. Samir Agarwal (second from left) was amongst the panelists for the event and shared experience & success stories.

The conference organised by the Confederation of Indian Industry (CII), Eastern Region, “4th Evolving Healthcare Investment landscape- A conference on scope of Private Equity, Venture capital, Debt & Angel funds in Healthcare”, discussed critical issues faced by investors and entrepreneurs in the industry. The discussion table brought together doctor entrepreneurs, fund managers and Investment bankers to exchange thoughts and pave the way forward for further investments. The meeting was held at Kolkata on Saturday, June 18.

Our Director Mr. Samir Agarwal was the moderator for the third plenary which was about growth strategies healthcare units could adopt while utilising PE, VC, debt and impact utilisation funds. He emphasised the need to invest in technology and brand visibility

June, 2016

Assisted a leading Tea Company, in raising debt of

INR 151.40 Mn at highly competitive rates

Stock Indices Opening

(1st June’16) Closing

(30th June’16) Change %

Sensex 26,684.46 26,999.72 1.18%

Nifty 8,179.20 8,287.75 1.33%

FTSE 6,230.80 6,504.30 4.39%

Nikkei 17,097.22 15,575.92 -8.90%

Dow Jones 17,754.55 17,929.99 0.99%

Gold ( INR/10 Grams) 28,666 31,215 8.89%

Silver (INR /1 Kg) 38,583 43,296 12.22%

USD ($) 67.45 67.52 0.10%

Euro (€) 75.31 74.79 -0.69%

GBP (£) 97.09 89.48 -7.84%

Sources – Global Indices, BSE, NSE, RBI, MCX INDIA

INDCAP PERFORMANCE

MARKETS/ COMMODITIES

June, 2016

Indcap Advisors Pvt. Ltd. Office locations

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